Growth has “decelerated sharply”, says OECD

Provisional estimates by the international economic organisation says growth among its 34 members slowed to 0.1% in the last three months of 2011, down from the 0.6% seen in the third quarter.

The data demonstrates diverging patterns in economic activity, with the US’ GDP growth accelerating from 0.5% in the third quarter to 0.7% in the fourth, while Japan’s eased from 1.7% to 0.6%.

In Europe, GDP dropped in every economy aside from France, which grew by 0.2%. Germany and the UK both contracted by 0.2%, while Italy entered into recession.

Over the whole of 2011, GDP among the OECD’s 34 members grew by 1.8%, falling from the 3.1% recorded in 2010.